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From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest

From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest thumbnail

Oil, the lifeblood of many countries that produce and sell it, appears to be rapidly turning into an ever-cheaper economic curse.

A year ago, the international price per barrel of oil was about $103. By Monday, the price was about $42, roughly 6 percent lower than on Friday.

In oil-endowed Iraq, where an Islamic State insurgency and fractious sectarian politics are growing threats, a new source of instability erupted this month with violent protests over the government’s failure to provide reliable electricity and explain what has been done with all the promised petroleum money. In Russia, a leading oil producer, consumers are now paying far more for imports, largely because of their currency’s plummeting value. In Nigeria and Venezuela, which rely almost completely on oil exports, fears of unrest and economic instability are building. In Ecuador, where oil revenue has fallen by nearly half since last year, tens of thousands of demonstrators pour into the streets every week, angered by the government’s economic policies.

Even in wealthy Saudi Arabia, where the ruling family spends oil money lavishly to preserve its legitimacy, the government has been burning through roughly $10 billion a month in foreign exchange holdings to help pay expenses, and it is borrowing in the financial markets for the first time since 2007. Other Arab countries in the Persian Gulf that are dependent on oil exports, including Kuwait, Oman and Bahrain, are facing fiscal deficits for the first time in two decades.

While the price has been declining for months, forecasts have always been hedged with the assumption that oil would eventually stabilize or at least not stay low for long. But new anxieties about frailties in China, the world’s most voracious consumer of energy, have raised fears that the price of oil, now 30 percent lower than it was just a few months ago, could remain depressed far longer than even the most pessimistic projections, and do even deeper damage to oil exporters.

“The pain is very hard for these countries,” said René G. Ortiz, former secretary general of the Organization of Petroleum Exporting Countries and former energy minister of Ecuador. “These countries dreamed that these low prices would be very temporary.”

Mr. Ortiz estimated that all major oil exporting countries had lost a total of $1 trillion in oil sales because of the price decline over the last year.

“The apparent weakness in the Chinese economy is radiating out into the world,” said Daniel Yergin, the vice chairman of IHS, a leading provider of market information, and the author of two seminal books on the history of the oil industry, “The Prize” and “The Quest.”

“An awful lot of producers who enjoyed good times were more dependent on Chinese economic growth than they recognized,” Mr. Yergin said. “This is an oil shock.”

Although the price drop has most directly hurt oil exporters, it also may signal a new period of global economic fragility that could hurt all countries — an anxiety that already has been evident in the gyrating stock markets.

The price drop also has become an indirect element in the course of Syria’s civil war and other points of global tension. Countries that once could use their oil wealth as leverage, like Russia, Iran and Saudi Arabia, may no longer have as much influence, some political analysts said. Iran, which once asserted it could withstand the antinuclear embargo of its oil by the West, appeared to have rethought that calculation in reaching an agreement on its nuclear activities last month.

Of course, lower oil prices confer economic benefits, too. The average American household, for instance, buys 1,200 gallons of gasoline every year. And gasoline, on average, has sold for most of this year by roughly a dollar a gallon less than in 2014.

But even while lower oil prices stimulate economies of consuming countries, a protracted decline carries many unanticipated consequences — starting with the economic weakness in developing countries that buy increasing amounts of goods from the United States and others in the industrialized world.

A supply glut has been evident for some time, driven partly by a vast increase in Saudi production and a growing energy self-sufficiency in the United States, which was once heavily reliant on Middle East oil.

Saudi Arabia not only is producing a record amount, but also is increasing the number of rigs drilling for future production. And its Gulf allies, the United Arab Emirates and Kuwait, are following suit. Even with the turmoil wrought by the Islamic State, Iraq’s production has jumped nearly 20 percent since the beginning of the year.

The surge in production may seem counterintuitive, since lower prices can cause self-inflicted economic wounds and potentially incite more political and social trouble. But all the exporters in the Middle East are struggling with each other to protect Asian markets, now that the United States is using much less of their oil.

The Gulf states, said Sadad I. Al-Husseini, former executive vice president of the Saudi Aramco oil company, “don’t want to take on the role of oil price regulators because the market is far too big and too political for them to manage it.”

Had these producers curtailed their production late last year, he said, “a flood of new oil supplies from the U.S., Canada, the deep offshore and other basins would have continued to undermine the oil markets, and prices would have collapsed to where they are now in any case.”

The global glut is likely to worsen if the nuclear deal with Iran is approved, potentially releasing as much as one million more barrels onto the 94-million-barrel-a-day global market in a year or so.

Iran’s oil minister, Bijan Namdar Zanganeh, has made no secret about his country’s intentions. “We will be raising our oil production at any cost, and we have no other alternative,” he was quoted Sunday in Iran’s state-run news media as saying.

The big change in recent years has been the surge of United States oil production, adding more than four million barrels a day to global supplies. But in recent months the oversupply has been driven primarily by the Saudis, who have flooded the market in what economists regard as a deliberate attempt to drive down the price so that other high-cost producers can no longer compete — most notably the Americans.

Still, production in the United States has not declined as much as foreseen by the Saudis, who thought the price of oil would stabilize at about $50 a barrel. Now it may be headed to $30, the lowest level since the 2008 global economic recession.

The Saudis, the most important member of OPEC, have resisted calls by other members to reduce output. The result is that nearly all OPEC members, who together control much less of the global market than they once did, are pumping more oil.

“We are witnessing competition between member states over market share, and most of these countries are dependent on oil as a primary source of income,” said Luay Al-Khatteeb, a nonresident fellow in foreign policy at the Brookings Doha Center. If prices do not recover to the $60 a barrel level, he said, “and countries in the Arab region continue to rely on oil revenue heavily, we could see decades of decline.”

David L. Goldwyn, who was the State Department special envoy and coordinator for international energy affairs in the first Obama administration, said that if the Brent global oil benchmark price stays below $45 a barrel, that is “a red flag for stability issues across the oil producing world.”

“The hemorrhaging of government budgets reliant on oil will force dramatic cuts in spending or dangerous increases in borrowing, if not both,” Mr. Goldwyn said. “The countries without significant foreign exchange reserves are most at risk, and they include Nigeria, Angola, Algeria, Venezuela and Iraq. The countries which need to sustain investment to maintain political legitimacy need to be worried, and that’s Brazil, Russia and even Iran.”

Meghan L. O’Sullivan, director of the Geopolitics of Energy program at Harvard’s Kennedy School, said she was most immediately concerned about the impact of extended low oil prices on Iraq.

“Not only is fighting ISIS an expensive endeavor, but many of the political deals that need to be done to keep different groups supportive of the Iraqi government require money to sustain,” she said.

But Ms. O’Sullivan expressed a longer-term worry about possible miscalculations by Saudi Arabia, on both the duration and magnitude of the oil price drop.

“With a burgeoning population looking for jobs, education and health care every day,” she said, “the expensive social contract between the royal family and Saudi citizens will get more difficult, and eventually impossible, to sustain if oil prices do not recover.”

ny times



45 Comments on "From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest"

  1. apneaman on Tue, 25th Aug 2015 7:21 pm 

    No chance of fears of unrest in the empire.

  2. peakyeast on Tue, 25th Aug 2015 7:37 pm 

    Average 4500 liters of gasoline a year? I hope that includes gasoline used on airtravel, production of food and clothing and so forth… Otherwise it is insane..

    Our family uses less than 20% of that on car travel and thats only because my current job is 80km away – and if we average over the past 30 years we have used less than 5%.

  3. Makati1 on Tue, 25th Aug 2015 7:59 pm 

    NYT: Main servant of the US Ministry of Propaganda. Obviously, the poor are going to revolt when the government teat is shrinking or disappearing.

    Is this a diversion article to keep the sheeple focused outside the American Gulag?

  4. Davy on Tue, 25th Aug 2015 8:04 pm 

    Folks beware visiting the Philippines refer to this advisory.

    http://www.smartraveller.gov.au/zw-cgi/view/Advice/Philippines

    This Advice was last issued on Tuesday, 23 June 2015. This advice has been reviewed and updated. It contains new information including on the need to take care when swimming off coastal areas. Severe undercurrents (rips) are common in coastal areas and many foreign tourists have drowned, including in popular resort areas. There have also been reports of pollution causing illness to swimmers in coastal resort areas (see Local travel). The level of advice has not changed. We continue to advise you to exercise a high degree of caution in the Philippines. We continue to strongly advise you not to travel to central and western Mindanao, including the Zamboanga Peninsula and Sulu Archipelago and in the southern Sulu Sea area, due to the very high threat of terrorist attack, kidnapping, violent crime and violent clashes between armed groups. We continue to advise you to reconsider your need to travel to eastern Mindanao.

  5. Makati1 on Tue, 25th Aug 2015 8:05 pm 

    Peaky, I used an average of 1,000 gallons per year when I was married and working. Plus my wife’s car. Probably another 300-400 gallons. It’s easy and We didn’t travel. (4 kids, little cash)

    Now, I use about 300 gallons and that includes my RT flight to the US each year, the use of my sister’s car while I am there and taxis here. No car.

  6. Jaki Natividad on Tue, 25th Aug 2015 9:08 pm 

    The Evil Empire strikes back !
    USA will take every other nation down with its imminent collapse…as promised.

  7. Davy on Tue, 25th Aug 2015 9:20 pm 

    Jaki is back! It has been months since you visited Jaki. Say hi to your pimp Makati1. Last time you visited you and Makati were getting it on. I love your slut of a comment. So original and well so Star Warian!!!^<^

  8. Truth Has A Liberal Bias on Tue, 25th Aug 2015 9:34 pm 

    what kind of a dumbass gives travel warnings for the Philippines in the comment section of a Peak Oil blog on an article about low oil prices? Are you fucking demented? The stupidity of the ‘average American’ never ceases to amaze me. What’s next, fucking cake recipes?

  9. Hawkcreek on Tue, 25th Aug 2015 10:29 pm 

    WTI is becoming cheap enough to substitute it for Canola in your cake recipes.
    How’s that?

  10. Makati1 on Tue, 25th Aug 2015 11:16 pm 

    Truth, I bet you are talking about Davy….lol. He must have picked up something he didn’t want when he visited Asia in the past.

    He has not caught on yet, that I pass over his BS every time, except when I was distracted and read one by mistake recently. I don’t need his Rah! Rah! US! bullshit.

    Maybe he wishes he could go back to being a bigger part of his .001 percenter family and BAU? Or maybe he is frustrated that he cannot leave the American Fascist Gulag?

    Whatever his problem, I am moving forward in my life as I hope you are in yours. I am not able to judge other’s decisions as I do not walk in their shoes or have their experience. I only call it like I see it. If I tramp a few toes, so be it. Maybe they need stomped on. Good luck! ^_^

    Gulag:

  11. Makati1 on Tue, 25th Aug 2015 11:24 pm 

    Truth, BTW, Mindanao is 400 miles of ocean from Luzon, the big Island I live on. There is nothing new happening there except the small percentage of people who want to be independent of the Philippines.

    I have been here for 7+ years and have not heard anything about Americans or Europeans being bothered, even there, if they keep their noses out of the argument and don’t try to rape a Filipina.

    I suspect that the US meddling has a lot to do with the problem. The US has several hundred “advisers” hanging out there, and likely agitating the people. Chaos is the main export of America these days.

  12. Davy on Wed, 26th Aug 2015 2:44 am 

    Truth I am an asshole, you are a board idiot with a foul mouth and a mean spirit. This is my fight with another board idiot. If you want me to bitch slap you around I am ready. Asshole meet asshole here. Is that what you want?

  13. Davy on Wed, 26th Aug 2015 2:49 am 

    Mak, you made my evening. You could not resist ignoring me. Your tiny island is no club med. Your anti American agenda is taking it on the chin. All your Bric nations that were going to steam role over America and rise into a new block of super nations are falling like flies. You are an idiot and now you have a new friend Truth I am an asshole. You guys will do well together as board idiots. I look forward to a new ass to kick.

  14. Boat on Wed, 26th Aug 2015 4:39 am 

    Of course, lower oil prices confer economic benefits, too. The average American household, for instance, buys 1,200 gallons of gasoline every year. And gasoline, on average, has sold for most of this year by roughly a dollar a gallon less than in 2014.

    We run 2 cars and a truck with 3 wage earners. I wish it was 1,200 gallons. Cherry picking numbers we paid 3,80 last year and now $2.13-$2.20 depending. That is not $1.00 cheaper. If gasoline stays this low we will save over $4,000 this year, maybe $5,000. That is just what it takes to survive in Houston. Thank you oil producers for the over supply. You see the rig count went up in the US? Amazing. They were all supposed to crash by now.

  15. james-boags on Wed, 26th Aug 2015 5:56 am 

    Davy I like many here im sure think you need to back off the mak. He is stating a personal opinion about the US and not you . lighten up dude

  16. Davy on Wed, 26th Aug 2015 6:20 am 

    Sorry Dude James, not going to happen. Mak’s comments are more than a personal opinion they are a deliberate and agenda of disinformation and inflammatory. If you want ask Mak to lighten up and we can come to an agreement. If you notice I never respond negatively to Mak’s normal comments even if they are critical of the US. I myself am critical of many things American. I waive an upside-down flag. I take personal offense to improper anti-American comments. If you are anti-American but unbiased and fair I am OK with it. Much of the world hates America or looks down upon us. That goes with the territory of being a past superpower. So that’s the shit James like it or not. I am not here for popularity.

  17. Davy on Wed, 26th Aug 2015 6:25 am 

    Of course they do Boat but they also create systematic issues when they go too low or too high. So you are happy personally from a narcissistic view point “low good – high bad FOR ME”. You do not care how that effects the overall economy and the livelihood of others. IMA it is all of us living in an efficient and balanced economy that can do better than an individualistic distorted and lopsided one.

  18. Hello on Wed, 26th Aug 2015 7:07 am 

    Strange.

    Around 2008 it was all about unrest in 3rd world shitholes because of high oil prices.

    Now it is unrest because of low oil prices?

    Maybe it is much simpler. It’s unrest because people don’t like to rest?
    Imagine those people using their unresting energy to build and construct instead to destroy. They could lift themselves out of 3rd world misery in no time.

  19. Makati1 on Wed, 26th Aug 2015 7:27 am 

    Hello, You obviously have never been in a 3rd world country and have the propaganda view of the 3rd world. I doubt you will find anyone who works harder to stay alive than the 3rd worlders.

    Perhaps if they had not been colonized (raped) for the last few hundred years by the West, they would be equal to the Western world. But then, the Western world would not have much as most of their wealth came from 3rd world country resources and labor and still does.

  20. Hello on Wed, 26th Aug 2015 7:40 am 

    Mak, boiler plate response of blaming the west. White-trash living in trailers in the US also blame their misery on everybody else but themselves.

    >> if they had not been colonized (raped) for the last few hundred years

    Maybe, hard to tell. But since they have been free for a few generations by now, it’s about time to pick up the slack.

    Sometimes I wonder why Switzerland is so successful. After all they were occupied, colonized and raped by Austria a mere 700 years ago.

    >>> most of their wealth came from 3rd world country
    Most of the wealth of the west comes from high productivity enabled by fossil fuel.

  21. Davy on Wed, 26th Aug 2015 7:49 am 

    Wow Mak, are you generalizing about 5BIl developing world people and 1Bil developed world people. That is one hell of a stretch of the imagination. I wonder how much you work there in Makati? Not much to do but walk down to get some groceries. Is there anything you do Mak besides net surf?

  22. BobInget on Wed, 26th Aug 2015 10:19 am 

    “unrest” must be a white person’s word left over ‘good old colonial times’ What’s happening
    in the Mideast, there are no polite words to describe.

    Here’s today’s EIA repore;

    Summary of Weekly Petroleum Data for the Week Ending August 21, 2015
    U.S. crude oil refinery inputs averaged about 16.7 million barrels per day during the
    week ending August 21, 2015, 117,000 barrels per day less than the previous week’s
    average. Refineries operated at 94.5% of their operable capacity last week. Gasoline
    production decreased slightly last week, averaging 9.8 million barrels per day. Distillate
    fuel production decreased last week, averaging 4.9 million barrels per day.
    U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 839,000
    barrels per day from the previous week. Over the last four weeks, crude oil imports
    averaged 7.5 million barrels per day, 1.7% below the same four-week period last year.

    Total motor gasoline imports (including both finished gasoline and gasoline blending
    components) last week averaged 630,000 barrels per day. Distillate fuel imports averaged
    123,000 barrels per day last week.
    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
    Reserve) decreased by 5.5 million barrels from the previous week. At 450.8 million
    barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at
    least the last 80 years.

    Total motor gasoline inventories increased by 1.7 million barrels last week, but are in the middle of the average range. Both finished gasoline inventories
    and blending components inventories increased last week. Distillate fuel inventories
    increased by 1.4 million barrels last week but are in the middle of the average range for
    this time of year. Propane/propylene inventories rose 1.9 million barrels last week and are
    well above the upper limit of the average range. Total commercial petroleum inventories
    increased by 2.9 million barrels last week.

    Total products supplied over the last four-week period averaged 20.3 million barrels per
    day, Up by 2.4% from the same period last year. Over the last four weeks, motor gasoline
    product supplied averaged about 9.6 million barrels per day, Up by 5.8% from the same
    period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over
    the last four weeks, Down by 5.7% from the same period last year. Jet fuel product
    supplied is Up 4.6% compared to the same four-week period last year.

    (jet fuel, a good economic indicator, is high grade kerosene, another distillate)

    On the whole I call this repore ‘reluctantly bullish’

    EIA continues to use the words “U.S. crude oil inventories remain near levels not seen for this time of year in atl east the last 80 years”.

    In response, I need to say;
    How many cars were on the roads in 1935?
    Did oil prices half from 1934?
    Was storage capacity the same in 1935?

    Storage is cheap. Money is cheap. Oil has always come back in the past. Refineries,
    are storing millions in speculative barrels.

  23. BobInget on Wed, 26th Aug 2015 10:57 am 

    Lowest oil prices in a decade is doing untold damage to America’s future oil supplies.

    Here’s why, alliances are changing quicker then baby diapers.

    The ‘new’ mantra for violent Mideast goes;
    “The enemy of my enemy is still my enemy”.
    “clusterfuck” not only is a good description
    it implies percipients are quite likely STD prone.

    The new question. When ME will violence be detrimental to oil supplies. (our STD)
    If a person engages in dangerous sexual practices, it’s hardly a question of ‘if’ but ‘when’
    STD strikes.

    If a malicious, sometime sexual partner wished great harm, that person might well transmit
    sometime often fatal STD to a real or imagined
    enemies.

    This ‘bit of nasty’ we find ourselves engaged,
    didn’t hatch overnight. It stated during WW/1 when England switched from coal to oil for their battling ships. None of us here, old enough to understand, will ever see resolution to oil wars.

  24. GregT on Wed, 26th Aug 2015 11:02 am 

    Boat said:

    “And gasoline, on average, has sold for most of this year by roughly a dollar a gallon less than in 2014.”

    You are still ignoring the run up in gasoline prices that lead to the global financial crisis that began in 2007. The crisis that we have still not recovered from. The crisis that has racked up an extra 225,000 dollars in debt for your 3 wage earners. You are also ignoring the millions of innocent human beings that your government representatives have murdered and/or oppressed, so that you can continue to enjoy your elevated standard of living.

    You are living in a self induced fantasy Boat.

  25. ennui2 on Wed, 26th Aug 2015 11:08 am 

    This site is dead because oil is as cheap as dirt right now.

    Any twisted logic try to try to frame the current situation as somehow a byproduct of peak-oil doom just doesn’t pass muster. Lose additional points if you start talking about all these people murdered or oppressed (usually pinned solely on the US, of course).

  26. GregT on Wed, 26th Aug 2015 11:21 am 

    Much of the oil industry is on life support right now, because our economies cannot afford to pay the prices for oil that the producers require to turn a profit.

    Any ignorance of this fact is nothing more than denial that we have entered into a new era. The new era of peak, cheap, affordable, oil. Even further ignorance on the part of those that refuse to accept responsibility for their governments’ involvement in the oppression and murder of their other fellow human beings, and the irreversible damage that they are inflicting on the planet for their own offspring and all other forms of life.

    Usually, but by no means limited to, Americans.

  27. apneaman on Wed, 26th Aug 2015 11:59 am 

    C’mon Greg you’re being far too diplomatic. America is pathologically violent and has been since day one and will go down in flames. Another media frenzy today because a couple of middle class whiteys got slaughtered and one cute blond white woman. Oh how the ratings will soar – for a day or three. That is normal in that country. Happens every fucking day and they accept it. Just another Oh dear! moment. How can you expect them to look at what they do to others when they can’t admit their sickness? Maybe your right Greg they are just the worst of a bad bunch of apes. The most aggressive collection of cancer cells. The latest in a long line of empires. The Assyrians were much more diseased if it’s any consolation.

    There have been 204 mass shootings — and 204 days — in 2015 so far

    http://www.washingtonpost.com/news/wonk … 15-so-far/

    Killed By Police 2015

    http://killedbypolice.net/

  28. BC on Wed, 26th Aug 2015 12:58 pm 

    Charts for our good friends here who are not persuaded by the Peak Oilers’ arguments and who think the US economy is doing just swell:

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1HmN

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1Hmk

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1HhK

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1Hmp

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1Hmr

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1Hms

    https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1HmB

    Granted, lots of data to digest from charts with cryptic titles (FRED’s fault, not mine), but take your time; it’s worth it.

    Clearly, the Fed is not going to raise rates with real per capita gross output at stall speed and mfg. contracting YoY, household net worth contracting, and an incipient bear market underway and tax receipts decelerating.

    Instead, it is rather more likely that the Fed will resume QEternity perhaps as soon as later this year.

    The Fed needed an excuse to resume QE, in any case, so a stock market panic is as good as any, if not the best.

    Cheers. 🙂

  29. Dave on Wed, 26th Aug 2015 1:20 pm 

    Maybe it’s the disintegration of anything approaching honest capitalism based in the good old USA that’s the real problem here. I guess we’ll try to pay off the mega debt with cheap dollars as we try to print and finagle our way out one financial crisis after another. Shame on you MSM, including the NYT.

  30. HARM on Wed, 26th Aug 2015 1:44 pm 

    ennui2 is right! Oil prices dipping below $40 pbbl PROVES that Peak Oil is wrong and that cheap oil is here to stay. Just like New England seeing snow in wintertime proves that AGW is a myth, and the existence of food on my supermarket shelves proves there’s no world hunger.

    The law of scarcity has been repealed –huzzah! All those economics textbooks will have to be rewritten. The supply curve for oil clearly has an infinite slope now.

    Thanks, ennui2!

  31. Nony on Wed, 26th Aug 2015 1:52 pm 

    But, Y2K.

  32. rockman on Wed, 26th Aug 2015 2:07 pm 

    “…who have flooded the market in what economists regard as a deliberate attempt to drive down the price so that other high-cost producers can no longer compete — most notably the Americans.”

    Still amazing that some continue to frame the current KSA production level as an effort yo recover “market share” when there has not been a single report of the KSA having any trouble selling every single bbl they wanted to produce. The same situation now as when oil was $100+/bbl.

    As far as low oil prices debunking PO I can’t think of any stronger evidence of the forces behind the peak oil dynamics. All one has to do is follow the bread crumbs that brought us to the current situation to appreciate that FACT.

  33. Nony on Wed, 26th Aug 2015 2:23 pm 

    Given that Rock touted HIGH prices for the POD when that was the case, seems he is a mite inconsistent.

  34. GregT on Wed, 26th Aug 2015 2:31 pm 

    Given that Nony has clearly displayed that he doesn’t have the foggiest notion what the rockman is talking about, proves beyond any reasonable doubt that Nony is a complete moron.

  35. apneaman on Wed, 26th Aug 2015 3:13 pm 

    I betting on nony-marm as a peak survivor and maybe thriver (comparatively). That boy is stubborn and that might prove invaluable. Come clean nony – have you made preparations of any sort for a “negative growth” world?

  36. apneaman on Wed, 26th Aug 2015 3:24 pm 

    PEAK

    noun

    1.the pointed top of a mountain or ridge.

    2.a mountain with a pointed summit.

    3.the pointed top of anything.

    4.the highest or most important point or level:
    the peak of her political career.

    5.the maximum point, degree, or volume of anything: Oil prices reached their peak last year.

    http://dictionary.reference.com/browse/peak

  37. peakyeast on Wed, 26th Aug 2015 4:43 pm 

    Hi Mak. Could you elaborate what RT means? I am not a native english speaker – so sometimes I miss something in my vocabulary.

  38. ghung on Wed, 26th Aug 2015 4:54 pm 

    RT = round trip (there and back).

  39. BC on Wed, 26th Aug 2015 5:38 pm 

    peakyeast: 😀

    Does that mean peak beer and whisky? Bugger.

    And peak Soylent Green, Pink, Black, Brown, and Gold? 😀

  40. Makati1 on Wed, 26th Aug 2015 9:01 pm 

    Thanks, ghung. I thought it was an obvious use of initials for anyone who travel.

  41. peakyeast on Wed, 26th Aug 2015 9:56 pm 

    @Makati & Ghung: I very rarely travel – Since I find it amoral to do it without an important purpose. Perhaps that is why I am not into that abbreviation lingo. I had a suspicion that it meant something like that, but wasnt completely sure and I would like to be.

    But thanks a lot 🙂

    BC: No It means that the eastern horizon is very peaky 😉 j/k

  42. peakyeast on Wed, 26th Aug 2015 10:06 pm 

    @Hello: I believe the issue is food prices and wars. And food prices are probably highly influenced (among other factors) by oil prices – with some time lag.

  43. peakyeast on Wed, 26th Aug 2015 10:15 pm 

    @All: I feel like pissing everybody off: So I will say my frank opinion: – IMO all board commenters are welcome and provide a useful view. Nony, Plantedagent, Makati, BC, ghung, apneaman, GregT, et al..

    I value all your comments – even when you poke each others with verbal sticks.

    The only thing I do not value is censorship outside spammers. Even trolls provides something.

    😀

  44. apneaman on Wed, 26th Aug 2015 10:26 pm 

    BC, are you familiar with Steve Ludlum at Economic Undertow? If so, I would appreciate you thoughts on his take of energy/economy. Thanks.

    http://www.economic-undertow.com/

  45. Makati1 on Wed, 26th Aug 2015 11:47 pm 

    peaky, I only travel back to the States to visit my 89 year old mother. I owe her that much. I also call her every week. When she is gone, I will no longer make the trip. The US has nothing worth going back for.

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